YouSaid · the spoken record

Mike Swell

lines on the record
55
first
2020-12-11
most recent
2020-12-11
sittings or episodes
1
sources
podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

  1. “The potential for generating earnings and margins by trading bonds was actually pretty attractive given how wide BITOffer spreads were back then.”

    2020-12-11 · Masters in Business · Mike Swell on Global Fixed Income Investors (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Back then, it was obviously a phone-only market, so not an electronic market. Now obviously you press a button and you can move billions of dollars of risk and you can move billions of dollars of risk in multiple different markets with a touch of a button, whether it's the treasury market, the mortgage market, the corporate credit market, derivative market. Back then, it was a phone-to-phone negotiation. And very often while there were some Wall Street players in between, typically what they would do is they would try to find a buyer on the other side. And so what now takes seconds back then could have taken days to move risk. Just a very, very different world, bigger bid offer spreads. And so you didn't see as active trading in the fixed income markets as you see today. But the other side of that is that there was a lot more yield and with less transparency, there was a little more inefficiency. And if you were a very active”

    2020-12-11 · Masters in Business · Mike Swell on Global Fixed Income Investors (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “So, a very, very different world. The bond market wasn't the kind of primary market of liquidity like it is today and something that we talk about for 24 hours a day. Back then, probably if you had a finance show like Bloomberg, you probably would have spent 10, 15 minutes on bonds and the rest was all in equities.”

    2020-12-11 · Masters in Business · Mike Swell on Global Fixed Income Investors (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Well, I was still in college at the time, and so I actually was at LSE for a year and then was at Brandeis University, got my bachelor's there. And while I was in London, I kind of got exposed to global markets, to fixed income. I saw a lot of people applying for internships to Wall Street. And I said, hey, this sounds pretty good. It sounds competitive. And so I then kind of applied to a program to get a master's in international finance at Brandeis. to know exactly what the bond market was until I started my career at Lehman Brothers in 1989. And it was a different world. I mean, in terms of liquidity, in terms of transparency, back then, you had to wait until the next day to find out what happened with bond prices. You had this thing called tear sheets, pink sheets, and that was the way you learned about what was going on with companies and what was going on in terms of pricing in markets.”

    2020-12-11 · Masters in Business · Mike Swell on Global Fixed Income Investors (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “It was meaningfully higher than it is today. Well, it's roughly zero today, so it's got to be a lot higher. I would say it was probably in the very high single digits pushing up on 10%. I'll go to 9%.”

    2020-12-11 · Masters in Business · Mike Swell on Global Fixed Income Investors (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source